Karachi: Javedan Corporation Limited has announced that its 64th Annual General Meeting (AGM) will convene on Saturday, October 17, 2026, at the Naya Nazimabad Gymkhana in Karachi. The meeting is scheduled to start at 10:00 a.m. and will address several key business matters.
During the meeting, shareholders will confirm the minutes from the previous AGM held on October 18, 2025. The Company will present its annual audited unconsolidated financial statements, along with the Directors' and Auditors' Reports for the fiscal year ending June 30, 2026. Additionally, the audited consolidated financial statements and Auditors' Reports for the same period will be reviewed.
The agenda includes consideration and approval of a final cash dividend for the fiscal year ended June 30, 2026. The Board of Directors has recommended a 60% dividend, equating to PKR 6 per ordinary share, and a 12% dividend for preference shareholders for the same period.
Another key item on the agenda is the reappointment of external auditors. The Board of Directors, following the recommendations of the Audit Committee, has proposed the reappointment of M/s. Yousuf Adil & Co. and M/s. Reanda Haroon Zakaria Aamir Salman Rizwan & Co. as the Company's auditors for the fiscal year ending June 30, 2027.
A significant proposal involves the sale of the Company's wholly-owned subsidiary, Sapphire Bay Development Company Limited. The shareholders are set to consider and potentially approve a special resolution to dispose of 100% shareholding in the subsidiary. The authorization includes allowing the CEO and any one Director to finalize the sale's terms, including potential buyers and other modalities.
In terms of investments and financial commitments, Javedan Corporation Limited has listed several associated companies and undertakings, with unutilized guarantees and sanctioned loan amounts detailed in millions of PKR. Notable entities include Sapphire Bay Islamic Development REIT, with sanctioned loans amounting to PKR 5.90 billion and a renewal request for PKR 3.00 billion.
According to information available from the Pakistan Stock Exchange (PSX), the Company is set to address a broad spectrum of financial and strategic decisions at the AGM. The investment and loan details highlight the Company's ongoing commitments and financial strategies.
The meeting will provide a platform for shareholders to discuss and approve these crucial business decisions, aligning with the Company's strategic objectives and regulatory requirements.